Repsol, a Spanish company, may attract new investors to the US renewables unit

Josu Imaz, CEO of Spanish energy company Repsol, said that the group is reviewing its approach to renewable power generation and may welcome new investors.

Repsol, as part of a larger strategy to transition from a traditional oil and gas company into a multi-energy provider, has been building up a portfolio since 2018. It has also invested in the production and distribution of 'green hydrogen', a low-carbon fuel.

Along with Spain, the United States is a major market for its?division of low-carbon energy. The company currently has?about 2.8 Gigawatts of capacity?under construction or operating in the U.S. plus a pipeline of development of more than 15 GW.

Imaz said at an event to present the company's latest strategic update that they are looking into the possibility of adding additional investors in the U.S.

"The key message is clear - the business will be self financed in the next three years," said?Imaz.

He said: "This is a critical turning point for the business as it transitions from being a cash consumer to a cash generator. We are moving from a phase of?build-out to a disciplined growth." Repsol has also reduced its target for generating'renewable energy. It will now focus on projects that offer the highest returns, while still limiting its exposure through asset sales and partnerships.

(source: Reuters)